Austrian developers have presented the first international service for secured loans
Thomas Novak, CEO of the SHIFT.cash platform for loans secured by car titles, officially presented the alpha version of the mobile application. The new service will change the idea of classic secured lending: you can get a loan of up to 30% of the value of your car though your smartphone by remote verification. The investor can be a citizen or a legal entity of any country.
At the alpha testing stage, the application already estimates almost any make and model of cars, as well as calculates the amount of the loan that can be obtained by the user. The human factor here is minimized thanks to the automated system of assessment of the collateral SHIFT.Appraisal, which is based on Big Data technology. It aggregates all information about the car market of a particular region and determines the value of the car by a unique algorithm, thereby reducing the time of processing of collateral to a minute.
The direct issuance of loans will be possible after the introduction of blockchain technology into the service, which is scheduled for the second quarter of 2018. This will ensure not only the transparency and speed of international transactions, but also the safe storage and transfer of confidential information of borrowers and investors.
— Speed and accuracy of IT solutions in the activity of auto pawnshops allowed to achieve high efficiency. But in pursuit of innovation, we must not forget about the final consumers of the service, — said Thomas Novak. — Yes, the future belongs to blockchain, smart contracts, artificial intelligence. To do this, we have assembled a really strong team of developers. But as a businessman, I understand that it is much more important to create a service that will be as clear and convenient as possible for an ordinary user. And that is where we place our bet.
By the way, a special interface is also being developed for investors, through which they will be able to make investments both in fiat currency and in the services cryptocurrency (SCASH tokens). All investments are secured by collateral — real and highly liquid assets. In fact SHIFT.cash platform will be the first of its kind that will connect investors and borrowers from around the world, giving the first low risk investments and high dividends, and the second — favorable credit conditions compared to local offers.
While the application is available only on the Android platform, in the near future it will appear on iOS.
